Post the july august and september journal entries on, Ask an Expert

Accounting

Post the July, August, and September Journal Entries on T-ACCOUNTS

Peyton Approved
General Journal Entries
Jul-14

Date	Accounts	Debit	Credit
1-Jul	Cash	15,000.00
	Common Stock		15,000.00
	Contributed cash for common stock

1-Jul	Baking Supplies	8,500.00
	Accounts payable		8,500.00
	Purchased baking goods on account

3-Jul	Cash	10,000.00
	Notes Payable		10,000.00
	To record two-year 6% noted payable issued

7-Jul	Prepaid expense	3,000.00
	cash		3,000.00
	to prepay rent

10-Jul	Business license	375.00
	cash		375.00
	purchase of business license

11-Jul	Misc Expense	250.00
	cash		250.00
	to record purchase of cash register

13-Jul	Baking equipement	5,000.00
	common stock		5,000.00
	transfer of baking equipement to business

13-Jul	advertising expense	200.00
	cash		200.00
	to record advertising expense incurred

14-Jul	misc Supplies	300.00
	cash		300.00
	to record purchase of misc supplies

15-Jul	no entry
	Part time help

30-Jul	Telephone expense	45.00
	accounts payable		45.00
	to record telephone bill due in August

31-Jul	Prepaid Insurance	1,200.00
	cash		1,200.00
	to record prepaid insurance

31-Jul	Salary expense	120.00
	salary payable		120.00
	to record salary paid

31-Jul	accounts receivable	5,000.00
	cash	10,000.00
	Sales		15,000.00



Peyton Approved
General Journal Entries
Aug-14

Date	Accounts	Debit	Credit

5-Aug	Salary paid	120.00
	salary payable		120.00

8-Aug	cash	3,200.00
	accounts receivable		3,200.00

10-Aug	accounts payable	45.00
	cash		45.00
	to pay telephone bill
15-Aug	supplies (vendor)	5,000.00
	accounts payable		5,000.00

15-Aug	salary expense	480.00
	salary payable		480.00

15-Aug	Rent expense	1,500.00
	cash		1,500.00

18-Aug	cash	1,000.00
	accounts receivable		1,000.00

20-Aug	accounts payable	8,500.00
	cash		8,500.00
	to record purchase of baking supplies

20-Aug	salary expense	480.00
	salary payable		480.00

22-Aug	misc supplies	300.00
	cash		300.00

31-Aug	telephone expense	45.00
	accounts payable		45.00

31-Aug	salary expense	420.00
	salary payable		420.00

31-Aug	cash	12,500.00
	accounts receivable	7,500
	sales		$ 20,000.00

Peyton Approved
General Journal Entries
Sep-14

Date	Accounts	Debit	Credit

1-Sep	Dividends	3,000.00
	cash		3,000.00

5-Sep	Salary expense	420.00
	salary payable		420.00

7-Sep	Merchandise Inventory (10 x $6)	60.00
	Cash purchased inventory		60.00

8-Sep	Cash	4,000.00
	accounts Receivable		4,000.00

10-Sep	accounts payable	45.00
	cash		45.00
	to pay telephone bill

11-Sep	supplies (vendor)	7,000.00
	accounts payable		7,000.00
	to record purchase of baking supplies

13-Sep	accounts payable	5,000.00
	cash		5,000.00
	vendor payment on account

15-Sep	Salary expense	456.00
	salary payable		456.00

15-Sep	rent expense	1,500.00
	cash		1,500.00

15-Sep	Cash (8 x$8.50)	68.00
	Merchandise Sales Revenue		68.00
	to record sale of inventory

15-Sep	Cost of Goods Sold (8 x $6)	48.00
	Merchandise Inventory		48.00
	recorded the cost of goods sold

20-Sep	Salary expense	456.00
	salary payable		456.00

20-Sep	Merchandise Inventory (20 x $6.10)	122.00
	cash		122.00

24-Sep	Cash (18 x 8.50)	153.00
	Merchandise Sales Revenue		153.00
	Record sale of inventory

24-Sep	Cost of Goods Sold (2x $6) + (16 x $6.10)	109.60
	Merchandise Inventory		109.60
	Recorded the cst of goods sold

30-Sep	Merchandise Inventory (25 x $6.05)	151.25
	cash		151.25

30-Sep	salary expense	480.00
	salary payable		480.00

30-Sep	cash	19,000.00
	accounts receivable	6,000.00
	sales		25,000.00

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Managerial Accounting, Accounting

Category:- Managerial Accounting
Reference No.:- M91589710

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